[FOREX TIP] USDJPY Weekly Forex Forecast – 12th to 16th June 2017

USDJPY Weekly Forex Forecast – 12th to 16th June 2017

Technical Outlook: USDJPY posted a recovery rally, but it isn’t clear if this rally will be sustainable for now. Price action broke past 110.14 – 110.04 resistance level before slipping back slightly above this level. A break down below 110.14 – 110.04 will signal either a consolidation above the previous swing low point of 109.113 or a continuation above the recent swing high at 110.80 will signal further upside in price. The main technical resistance comes in at 111.69 – 111.57 which could be tested in the near term. With the current positioning of the Stochastics, we can expect a higher low to form, followed by a possible move to the upside.

Fundamental Outlook: The Japanese yen heads into a big week with the FOMC and the BoJ monetary policy decisions. The central bank meetings will keep the USDJPY volatile in the near term. While the Fed is widely expected to hike interest rates at this meeting, the BoJ is expected to hold back. The recent downward revision to the first quarter GDP will of course weigh on the officials’ decision making process. Still, no changes are interest rates are expected, which currently stands at -0.10% or the central bank’s massive QQE program.

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USDJPY Weekly Forex Forecast – 12th to 16th June 2017

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